Walker & Dunlop, Inc. Announces That It Structured $164,000,000 in Financing for the Goodtime Hotel, Located in Miami Beach, Florida
September 29, 2021 at 06:35 am EDT
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Walker & Dunlop, Inc. announced that it structured $164,000,000 in financing for The Goodtime Hotel, located in Miami Beach, Florida. The boutique hotel's main attraction is the food and beverage offering, which is managed by David Grutman's Groot Hospitality. Complete with a pool, restaurant, and a club with curated DJ performances and live music, the 26,000 square-foot amenity deck is a destination unto itself. With an emphasis on design, generous common spaces, independent branding, and superior food and beverage options, the hotel opened to much fanfare in April 2021 and was well-positioned to serve the growing demand for experiential hospitality, with a high volume of booking throughout the summer. The 266-key luxury hotel features approximately 46,000 rentable square feet of ground floor retail as well as 242 parking spaces. The financing was arranged by Walker & Dunlop's Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt, and Sean Bastian, who identified JP Morgan as the ideal capital source for the financing. The team arranged a three-year, interest-only bridge loan with two one-year extension options on behalf of their client, Dreamscape.
Walker & Dunlop, Inc. is a commercial real estate finance and advisory services firm. The Company focuses on providing multifamily lending, property sales, commercial real estate debt brokerage, and housing investment management. Its segments include Capital Markets, Servicing & Asset Management, and Corporate. Capital Markets segment provides a range of commercial real estate finance products to customers, including Agency lending, property sales, and appraisal and valuation services, others. Servicing & Asset Management segment's activities include servicing and asset-managing the portfolio of loans the Company- originates and sells to the Agencies; or brokers to certain life insurance companies, and originates through its principal lending and investing activities, and managing third-party capital invested in tax credit equity funds focused on the housing sector, and other commercial real estate. Corporate segment includes treasury operations, and other corporate-level activities.